Courtesy of Brand Genetics blog
The ageing consumer is one of the most profitable yet untapped segment.
In 2012, there are 20 countries whose population is shrinking. By 2020, over 40% of the adult population in “ultra-ageing” Japan will be 60 years or older. Come 2050, another 25 countries will have ageing populations, the largest of which is China.
With greater longevity and lower fertility rates across the globe, we will see more older and fewer younger people over the next few decades. What then should companies do to prepare for such sweeping demographic changes?
Colonel Sanders opened his first KFC at the age of 65 (courtesy of the Bluegrass Historian)
Like it or not, we’re becoming a greying population.
With low fertility rates of 1.2, the ratio of young to elderly Singaporeans would decline in the decades to come. This has been highlighted as a critical problem in the much talked about White Paper on the Population, and a reason why we need to augment our population through immigration and to bolster our businesses through skilled foreign workers.
Not all seniors are frail and embittered (courtesy of ACE)
One of the biggest mysteries about contemporary marketing is this.
Why are such an overwhelming proportion of companies in the world only obsessed with advertising or selling to the young?
Don’t they know that the youth market is going to be shrinking in the years to come, or that seniors will dominate the world’s population, especially in developed countries?